Cargill names Sikes CEO as MacLennan takes new role

Agribusiness giant Cargill Inc. named Brian Sikes as its new chief executive officer, solidifying a pivot to higher-profit meat and processing businesses from its historic roots as a grains trader.

Sikes, who became chief operating officer last year after running Cargill’s meat business, will take the top job on Jan. 1, replacing David MacLennan, who will become executive chair, the company said on Monday. MacLennan turned the 157-year-old agricultural commodities buyer and seller into a protein giant, delivered two consecutive years of record profits. The Minneapolis-based company, owned by a pair of billionaire families, has about 160,000 employees across 70 countries. 

Cargill posted a $6.68 billion profit in its last fiscal year -- smashing the previous year’s all-time high -- as pandemic-induced supply chain disruptions and Russia’s invasion of Ukraine sparked unprecedented volatility across agricultural markets. The rally in crude oil has also taken palm, sunflower and soybean oils higher, improving crush margins for companies such as Cargill that that buy, store, process and move foodstuffs across the globe.